About Admiral Insurance Company
Admiral Insurance Co. is somewhat different from most other malpractice insurers we have featured on our website. Admiral offers surplus lines coverage only. Medical malpractice surplus lines coverage is coverage that is offered to physicians when licensed and admitted carriers are unable or unwilling to provide coverage. This is often necessary when a doctor has a large number of claims and deemed a high risk; if no standard insurance company is willing to insure him, he can obtain coverage from a surplus lines company like Admiral. Such companies are usually not admitted in the state, and charge high premiums because of the increased degree of risk involved. Admiral was founded in 1973 and has headquarters in Cherry Hill, New Jersey. The company is licensed in New Jersey and Delaware, and writes medical malpractice insurance as a non-admitted carrier in all 48 other states. Click If you would like to view our exclusive Medical Malpractice Insurance Rate data page.
In 1979, Admiral Insurance was purchased by the W.R. Berkley Corp., a Fortune 500 company traded on the New York Stock Exchange under the symbol WRB. Admiral recently received an A+ rating (Superior) from the independent rating agency A.M. Best, based on its strong financials and operating procedures. The outlook of this rating is stable, meaning it is unlikely to change in the near future. The company has assets of more than $3.3 billion, has a surplus of more than $1 billion and writes annual premiums in excess of $600 million. Many physicians prefer to go with a highly rated carrier like Admiral because a high rating indicates that the company is less likely to experience financial difficulty or bankruptcy. If an insurance company is in serious financial trouble, its clients may experience a period during which they are without coverage. This can make it difficult to obtain coverage in the future.
All Admiral policies provide coverage on a claims-made basis, meaning that the client is covered only when claims are filed during the active policy period. This means that coverage must be maintained in perpetuity, even after retirement. Conversely, an occurrence policy covers any incident that occurred during the policy period, regardless of when the claim is filed.
Provisions of Admiral policies include coverage for medical director duties, an extended reporting period (â€śtailâ€ť) included at no cost, no-deductible $500 personal property coverage as well as free coverage for additional insureds, like former employees and medical students.
We represent Admiral and many other companies, so check out this page to see all the carriers you will get a quote from. Click to request your free, no obligation Medical Malpractice Insurance quote from Admiral today.
This write-up for Admiral Insurance Co. was put together by Michael Matray, the Editor of the Medical Liability Monitor